In March 2022, several former executives of Livongo formed a startup called Homeward to partner with Medicare Advantage plans to improve care in rural areas. The company was launched with an initial $20 million investment from General Catalyst. Now the company has announced a $50 million Series B funding round and a value-based care partnership with Priority Health.
The new funding round is being co-led by ARCH Venture Partners and Human Capital. The funding round also includes participation from General Catalyst, and Lee Shapiro and Glen Tullman, co-founders of 7wireVentures.
The partnership with Priority Health will deliver comprehensive care to Medicare Advantage members in rural Michigan, Homeward said. The company will use the new funds to accelerate expansion into new markets through value-based contracts with health plans. Homeward will also invest in scaling its on-the-ground and virtual multidisciplinary care teams, including specialty care, as it expands into additional states in the coming months.
“Despite the fact that nearly one in five Americans live in rural communities, our current healthcare system is ill-equipped to support these individuals with consistent access to high-quality care,” said Jennifer Schneider, M.D., chief executive officer of Homeward, in a statement. “Homeward’s partnership with Priority Health is a monumental step to provide convenient, personalized, and high-quality care to Medicare beneficiaries across Michigan, but we are just getting started. Our target market is tightly distributed among a small handful of health plans. In fact, approximately 90 percent of Medicare-eligible beneficiaries who live in rural markets are covered by seven payers. This funding enables us to reach rural populations even faster in partnership with health plans and local physicians.”
San Francisco-based Homeward is an in-network provider that deploys an integrated care model including mobile, community-based care and technology. Homeward providers see members in mobile clinics throughout the community, virtually, and in members' homes. These teams conduct physical exams, perform diagnostic tests, and integrate with regional health systems, local physicians, and specialists to provide care coordination, referring members to local in-person services as needed. Using cellular-based remote monitoring, Homeward said it keeps members connected to their multidisciplinary care team wherever they are.
